Mukesh Ambani breaks into top-10 on Hurun Global Rich List

Mukesh Ambani has become the first Indian to break into the top-ten of the Hurun Global Rich List of 2,470 billionaires having a net worth of $1 billion.

Mukesh and brother Anil may have started with similar amounts inheriting from their father. Mukesh added $30 billion in the past seven years but Anil has lost over $5 billion, from $7 billion $1.9 billion this year.

Fewer billionnaires

The 2019 edition of ‘Loong Palace Hurun Global Rich List 2019’ compiles a list of the richest individuals across the globe. Their number has decreased by 224 to 2,470 from 2,694 in 2018.

Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Report, said that the poor stock market performances and an appreciating dollar are the main reasons for this year’s record drop in billionaires. Despite a strong dollar, the US added only 13 billionaires, but made it harder for the rest of the world to make the cut, Hoogewerf observed.

Anas Rahman Junaid, Managing Director (MD) and Chief Researcher, Hurun Report India, said that since 2012, this is for the first time that India has slipped to the fifth rank in the List.

An underperforming Indian rupee, and a lacklustre stock market performance have resulted in India losing one-third of the list.

"We hope to see a revival after the elections, which could bring in a much-needed clarity on the continuity of government’s policies,” Junaid added.

Jeff Bezos tops

Meanwhile, Jeff Bezos, Chairman & Chief Executive Officer (CEO), Amazon, topped the list for the second consecutive year with total net worth of $147 billion (Rs 10,44,000 crore).

The cumulative wealth of the 2,470 individuals featured in the list stood at $9.5 trillion - amounting to 12 per cent of the global Gross Domestic Product (GDP).

Tech-media-telecom (TMT) is the main source of wealth globally, followed by real estate, investments, manufacturing and retail. Top five sectors accounted for half of the list.

The US and China accounted for 65 per cent of TMT billionaires. Despite 2019 being difficult year for Facebook and Google, founders Mark Zuckerburg, Sergey Brin and Larry Page make it to the top 10.

According to Hoogewerf, the United States (US) may be the preferred destination of young immigrants who go on to become billionaires, but the United Kingdom (UK), Switzerland and Singapore continue to be the capitals for billionaire immigrants.

An estimated 10.1 per cent of the billionaires are first-generation immigrants, led by 65 in the US; 37 in the UK; and 21 in Switzerland. Sergey Bin, 45, of Google is the wealthiest immigrant.

China drops most

The youngest billionnaire on the global list is Norwegian Alexandra Andresen, 22, worth $1.7 billion. The youngest self-made billionaire is Irish Harvard graduate John Collison, 28, of Stripe, with $2.6 billion.

At least 430 billionaires have dropped off the 2019 Global Rich List while 1,246 faced a fall in their wealth. China led the way for drop-offs, losing 212 billionaires, followed by India with 52.

China dominated when it came to the self-made billionaires with 77 per cent, led by Chinese property developer Wu Yajun (55) of Longfor Properties with $10 billion.

The 2019 edition has added 201 new entrants while 430 of those featured in 2018, didn’t make it. Individuals having a net worth of $13 billion and more are featured in the top 100 rankings.

The richest woman is Francoise Bettencourt-Meyers, 65, of L’Oreal with $ 49 billion. Women made up 15.5 per cent of the list, which was comparable with 15.3 per cent of the last year.

Beijing emerged as the hub of the rich and famous – with 103 names hailing from the city. New York and Hong Kong accounted for 92 and 69 names respectively.

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